The drilling automation market is expected to grow at a CAGR of more than 3% over the period . Factors such as an increase in the complexity of wellbore due to increased depth and use of multiple horizontal wells, increasing the number of rigs, and rising production of natural gas is expected to drive the market. However, the volatility of crude oil and natural gas is expected to restrain the market’s growth.
– Oil and gas production is expected to continue to be a vital part of meeting global energy demand, and the offshore segment is expected to grow fastest in the forecast period. Increasing advancements in technologies are expected to aid the growth of the sector.
– Gas hydrates production may become an opportunity for the market players as its economically viable production may pose new problems, which may require better drilling automation techniques.
– Due to the high output of shale oil and gas, North America is expected to be the largest market during the forecast period, with majority demand coming from the United States and Canada.
Click Here to Download Sample Report >> https://www.sdki.us/sample-request-87937
Key Market Trends
Offshore Segment to Witness Significant Growth
– Drilling automation is centered on the downhole activities necessary in the actual drilling of an oil or gas well. This involves linking surface and downhole measurements with near real-time predictive models to improve the safety and efficiency of the drilling process. In the offshore segment, high level of expertise is required to maneuver the drill below the surface, and therefore drill automation may prove its reliability, which may stimulate the growth of the market.
– Although technology is being continuously refined, it is expected to create a paradigm shift in the oil and gas drilling industry. Concerns over the environment and safety of individuals are expected to be mitigated with the large-scale operationalization of the technology, which is expected to aid the growth of the market, especially in the offshore segment where safety is a significant concern.
– Despite the volatility in oil and gas prices, expectations are that free cash flow continues to grow in 2019, giving major offshore customers greater flexibility to invest in oil and gas production. The free cash flow of major offshore exploration and production companies is expected by SpareBank 1 SMN to be around USD 109 billion in 2019. A high level of free cash flow aids in new investments into the sector, which may help the drilling automation market.
North America to Dominate the Market
– North America region is expected to be among the largest drilling automation market and is likely to continue its dominance in the coming years. The region consists of major oil and gas oil production basins in the world, which provide fertile ground for further growth in the industry.
– The United States is expected to be the largest user of the drilling automation in the region, especially with the boom in shale oil and gas in many onshore basins like the Permian basin that have contributed to advancements in the drilling automation market. Shale oil and gas have steadily increased in the country and may provide a platform for increasing drilling automation in multilateral horizontal drilling in the shale basins.
Drilling Automation Market Size: Key Facts and Forecast Predictions Presented 2022-2031
Brazil Biofuel Market Size Global Industry Trends, Share, Size and Forecast Report 2022-2031
Europe Biofuel Market Size Report Analysis, Share, Revenue, Growth Rate With Forecast Overview 2022-2031
Europe Biodiesel Market Size By Key Players, Deployment Type, Applications, Vertical, and Region 2022-2031
India Coal Market Size Analysis By Industry Growth, Size, Share, Demand, Trends and Manufacturers Analysis Research Report 2022-2031